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9am with Emkay |
Contents
n Dealer Comments
The markets started the day’s session on an extremely positive note with 100 odd point’s upward gap tracking despite weak to subdued cues from the global markets particularly the mixed Asian counterparts. Post firm opening markets continued to display good strength till almost closing bells with intermittent bouts of volatility. Once again like Friday markets were missing with any major flows either on buying or selling for most part of the day. Today metal stocks hogged the limelight with good buying interest across the space mainly in Tata Steel post news of Rio Tinto a mining leader buying stake in Riversdale for $3.2 bn in which it holds around 21.2% stake. Even Auto stocks saw good buying interest particularly Tata Motors in anticipation that H2 FY11 may see a good traction in margins and may add to the bottom line. In the last hour of trade markets lost the entire days gain as heavy selling in banking stocks led the indices below the dotted lines and there were talks of ETF traded fund having sold banking basket. Besides selling in telecom, psu and fmcg stocks also aided the days fall while buying in oil & gas, technology and power stocks supported the markets. After a good display for almost the entire day finally the markets closed the day on a marginal negative note towards the end with Sensex losing a mere 15 points or 0.07% lower to settle at 19981 levels while Nifty remained flattish to settle at 5993 levels. The overall traded volumes were slightly higher compared to the earlier day by almost 10% and were at Rs 1154 bn. While delivery based volumes were also marginally higher compared to the earlier day at 40.9% of the total traded turnover. Among the Fund activities FII’s were net buyers to the tune of Rs 5.39 bn while Domestic Funds were net sellers to the tune of Rs 2.69 bn respectively on 3rd December 2010. While on 6th December 2010 FII’s were net sellers to the tune of Rs 2.01 bn in the cash segment while in the F&O segment FII’s were net sellers to the tune of Rs 7.88 bn while Domestic Funds were also net sellers to the tune of Rs 3.13 bn.
n Technical Comments
Caved in from 50-DSMA
After a gap up opening Nifty saw selling pressure creeping in, near the resistance of 61.8% retracement level, due to which the session concluded with an optically flat close. Moreover, Nifty caved in exactly from the resistance of 50-daily simple moving average, to finally end the session below the support of 20-daily simple moving average. On hourly chart, Nifty has violated the lower boundary of the rising channel and hence 50% to 61.8% correction of the entire move which started from the low of 5690 is a fair possibility. A positive nod is given to this alternate by the negative crossover of hourly moving average convergence divergence oscillator. For the coming session 5964 is a key pivotal point, as the break of this level will disturb the series of rising troughs on the hourly degree and after that the next subsequent support is at 5900 (50-HSMA).
BSE Bankex
BSE Bankex drifted downward, after finding resistance near the intersection of 20- and 50- daily simple moving averages, which indicates that the current rise was a mere relief rally and we may see lower targets in range of 13000-12800 in the near future.
Emkaynomics; 19 November, 2010; Fortnightly round up of key banking and economic indicators
n The growth in non food credit has moved up to 22.8% for the week ended Nov. 19, 2010 and deposit mobilisation inched up to 16.4%
n The CD ratio has remained relatively unchanged and stood at 73.4% for the week ended Nov. 19, 2010
n Money supply growth has moved up to 16.9% and the money multiplier inched upwards to 4.93
n Call money rates as on Dec. 06, 2010 have shed 60bps from last fortnight to 6.3%
n The spread between call money and reverse repo rates has narrowed as on Dec. 06, 2010 and stands at 109 bps
n Excess liquidity is absent in the system and stood at `-549.2 bn. The repo balances stood at ~ `933.8 bn. and reverse repo at ~ `19.1 bn. for the week ended Nov. 19, 2010
n The spread between the long and short end OIS has increased and stand at 32bps as opposed to 20 bps last fortnight
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